According to a Monday report from The Wall Street Journal newspaper, the settlement deal comes after a lengthy inquiry conducted by the Nevada Gaming Control Board regulator determined the firm had failed to properly address at least seven accusations of impropriety made against septuagenarian Wynn dating back to 2005.

The Wall Street Journal additionally reported that the Nevada settlement is not due to involve Wynn Resorts losing its unrestricted gaming license in the western state although it will see the Nevada Gaming Commission establish the ultimate amount of the financial penalty.

A ‘remedial step’:

Wynn used an official Monday press release to describe the arrangement as ‘an important remedial step’ before declaring that it is now ready to present itself before the Nevada Gaming Commission in order ‘to review the settlement and establish the final resolution of the investigation.’

According to a statement from Wynn…

“We have fully cooperated and been transparent with the Nevada Gaming Control Board in this in-depth investigation. Upon learning of the extent of the allegations, the new leadership of Wynn Resorts Limited took immediate actions to ensure an open and safe work environment for all employees and made dramatic changes at every level of key decision-making in the company.”

Proactive response:

The New York-listed company stated that some of these actions had included the execution of ‘a robust board refreshment process’ that encompassed the dumping of anyone that had been ‘aware of allegations of sexual assault against Steve Wynn and did not investigate or report it.’ It proclaimed that it had moreover named Matt Maddox to replace Wynn and appointed a new trio of female directors.

The casino giant, which is furthermore responsible for the giant Wynn Macau and Wynn Palace Cotai venues in Macau, also acknowledged that it had given its former boss ‘no severance’ and liquidated his entire shareholding while naming new people to fill the posts of Chairman, Vice-Chairman, North America Human Resources Vice-President and General Counsel.